As employers, we like to think we can trust our team members. Without trust, not much can get done, but there are a couple of areas that deliver an easy opportunity for your employees to take advantage if you aren’t watching closely, and it can cost you thousands.
There is an Epidemic of Employee Time Theft
In a survey of over 500 retail and service industry workers, over 30 percent admitted to deliberate time theft.1 The two types they mentioned specifically are buddy punching and recording inaccurate start and end times.
Buddy punching, recording incorrect start times, and early punch-ins and late punch-outs result in an average of 4.5 hours per week, per employee. For one worker earning $10 per hour, that can be a loss of $45 per week. Not a big deal? Consider the following…
Let’s presume you have 15 employees, each earning a wage of $10 per hour, and each of them are stealing an average of 4.5 additional hours per week. At this rate, you will be spending $675 per week in unauthorized time. In a year, you will spend $35,100 for labor you never received; you just bought your employees a very nice new car for no good reason.
If you have more than 15 staff members, or you are paying more than $10 an hour, the scenario only gets worse.
Easy! Better time clock management. Advantage Payroll Services provides TimeWorksTouch, which is specifically designed to minimize early punch-ins, late punch-outs, and it makes buddy punching almost impossible. The low cost for this solution will amaze you, and the savings it will provide are far and above the nominal cost. Give us a call at (800) 440-9033 to find out more.
1“Employee Theft No Longer an If-It Is Now How Much!,” Kessler, https://investigation.com/2013/04/26/employee-theft-longer-now-much/, accessed March 6, 2017
Advantage Payroll Services offers Workforce Management Suite, the powerful, fully-integrated Workforce Management Suite that makes it easy to optimize the performance of your supervisors, employees, and business.
Workforce Management Suite includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. Workforce Management Suite is developed for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and decrease labor costs.
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